One of the NBA’s successful owners, Mark Cuban, who is well-known, was rumored to be selling a majority of his stage time to the Dallas Mavericks. During the same moment earlier on Tuesday, news came out that Miriam Adelson was about to sell his $2 billion worth of Sands stock to gather an amount to fund the purchase of a sports team.
Both the news and the media hit the media at the same time. As Miriam had mentioned, the purchase fund is for a “sports team,” and the only news out about a team being on sale is the majority stake in the Dallas Mavericks; therefore, now we can say which team she had in mind.
It could happen that Cuban is selling his majority stake in the Dallas Mavericks to Miriam Adelson and the Adelson family. According to Shams Charania, the value that has been locked for the deal by the team is in the range of $3.5 billion.
Everything about the deal with the Dallas Mavericks
Though Cuban has decided to sell the majority of the stake in the Mavs, he has still decided to retain a few shares of the team. The deal has been created in an unusual but smarter way. Despite not being the owner, the structure of the deal allows Cubans to have operating control of the basketball team.
Since Cuban has decided to keep some shares of the team in his hands, he will retain full control over how basketball operates. The team is currently under the ownership of Cuban, and the executive of his basketball team is general manager Nick Harrison. The buyer of the “majority stake” will become the owner, and Cubans will continue to remain involved in the decision of “How do Mavericks operate?”
Along with the Adelson family, Miriam’s son-in-law, Patrick Dumont, is also set to join the new ownership group. They had issued a statement that confirmed their interest and the news of them locking up the deal with Cuba.
In their statements, they stated, “The Dallas Mavericks are one of the world’s most successful and recognizable sports franchises. The team has won an NBA championship, has a long history of attracting international superstars, and has been supported by a dedicated and passionate fanbase and leadership group led by Mark Cuban.”
While confirming the purchase, they said, “The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise.” The Adelson family confirmed that Cuban will be operating the team, saying, “We look forward to partnering with Mark Cuban to build on the team’s success and legacy in Dallas and beyond.”
Will the Dallas Mavericks go to the Adelson family?
In 2000, Cuban bought the Mavericks, and since then, the team has done excellent in maintaining its status as one of the most successful teams in the NBA. Under the leadership of Cuban, Dallas missed the playoffs no more than five times.
Dallas had been successful in reaching the finals twice, along with winning the championship in 2011. After the deal, the owner of Mavs will no longer be Cuban but the Adelson family. The ownership has changed, but the operator remains the same.
The Dallas Mavericks are not the first team to be cashed out. Earlier, other teams like the Phoenix Suns were sold by Roberts Sarver, who was brought in by Mat Ishbia.
Later on, Michael Jordan sold the Charlotte Hornets during the offseason, which removed the former player from the league’s board of governors as well. The ownership of the Dallas Mavericks will be transferred to a new owner, though they will still be operated by Cubans.
The decision to purchase the Mavericks has become more intriguing as the Adelson family is very prominent on the Las Vegas side. For a long time, Las Vegas had been under rumors of expansion, but now it has become a competition for a franchise.
Earlier, after his retirement, LeBron James showed interest in owning an expansion franchise. The Adelson have grabbed and sealed the opportunity, and hopefully, the deal, which is subject to NBA Board of Governor approval, gets done by the end of this year.”
